國際多角化與企業績效、企業風險的關聯性及其影響因素之研究

Abstract

本研究針對1996-2000年間台灣上市企業122個國際多角化投資案爲研究對象，探討影響企業績效與風險的各種相關因素，也進一步討論企業績效與風險對國際多角化的影響，並且利用多元迴歸及Logistic迴歸模式逐一驗證各項因素。本研究探討台灣企業從事國際多角化投資是否可提高其企業價值，投資後企業風險是否減少；並以企業國際多角化的程度、國際多角化的類型、企業與投資案特性、被投資國家特性、經濟景氣及產業別等構面來探討國際多角化的績效與風險，並試圖找出企業國際多角化投資的成功因素。此外，本研究探討國際多角化策略與企業經營績效、企業風險間的關聯性，亦即台灣企業進行國際多角化投資後的經營績效與風險，是否會影響企業再次從事國際多角化投資；以瞭解是國際多角化策略影響了企業經營績效與風險，還是經營績效與風險影響了企業的國際多角化投資決策。本研究發現企業從事國際多角化投資確實能提升企業績效，但企業風險也相對提高；企業選擇相關國際多角化，可提高企業績效，但無法分散本業風險，相反的非相關國際多角化則可分散本業風險，但企業績效較差；當台灣企業規模愈大、經營能力愈佳、在中所得國家投資、負債比率愈低、文化距離較高、無形資產愈多、管理者持股比率愈低及新設事業資本支出愈高，則企業從事國際多角化的績效會增加；雖然進行國際多角化投資風險不減反增，但是當台灣企業規模愈小、管理者持股比率愈低、在低所得且低風險國家投資、景氣較差、文化距離較大及負債比率愈低情況下，則企業從事國際多角化的風險會較低。

This study examines international diversification can really improve the performance and reduce the risk for the listed companies in Taiwan, through 122 new international diversifications from 1996 to 2000. We use the multi-regression model to examine the influential factors of the performance and risk of international diversification. Finally, we use multinomial logistic regression model to discuss the relationship between performance, risk and next international diversification. The results show international diversification can improve their performance but no effects on dispersing their risks. The firms with related diversification have better performance and higher risk than the firms with unrelated diversification. However, the firms with larger size, better managerial ability, investing in middle income countries, lower debt ratio, and higher culture differences with invested countries, more intangible assets, higher managerial equity ownership, and capital expenditures of new international diversification have better performance. Although the international diversification can raise firm risk, but the firms with smaller size, lower managerial equity ownership, investing in low income countries, investing during the depression period, higher culture difference with invested countries, lower debt ratio have negative relationship with firm risk.